VR startup set for IPO via SPAC deal

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Immersed, a company specialising in software for augmented and virtual reality (AR/VR) technology, particularly for remote work applications, has reached an agreement to go public through a merger with a special purpose acquisition company (SPAC), as reported by individuals familiar with the matter.

The merger will involve Immersed and Maquia Capital Acquisition Corp, a blank-check acquisition firm, resulting in a valuation of approximately $150 million for the Austin-based technology firm.

In conjunction with this merger, Immersed is securing bridge financing through convertible notes. Notable investors participating in this financing include Pat Gelsinger, the Chief Executive of Intel Corp, former professional football player Tim Tebow, and All Blue Capital.

It’s important to note that the stated valuation does not encompass the $160 million in proceeds previously raised by Maquia Capital Acquisition in May 2021. Additional financial activities are in progress, with Immersed engaged in discussions to secure further financing via a private investment in public equity (PIPE).

Upon completion of the merger, Immersed will gain access to the funds amassed by the SPAC, taking redemptions into account. The official announcement of this transaction is anticipated to occur as early as Wednesday.

Utilised as a means to facilitate the public listing of a private company, SPACs, or blank-check firms, accumulate capital through an initial public offering (IPO) and subsequently employ these funds to merge with a private entity, taking it public.

Immersed, established in 2017 by software engineer Renji Bijoy, specialises in the development of spatial computing software that supports remote working arrangements. The company is actively engaged in the creation of novel software and hardware tools, including an AI-driven assistant tailored for corporate clients.

Following the successful completion of the merger, Immersed is slated to be listed on the Nasdaq stock exchange under the ticker symbol “AIMR”.